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REDWOOD CITY, Calif. - Coherus BioSciences, Inc. (NASDAQ: CHRS) reported fourth quarter 2024 financial results that exceeded analyst expectations on the top line, while its adjusted loss per share came in slightly better than anticipated. CHRS shares were trading 0.9% higher aftermarket following the release.
The biopharmaceutical company posted revenue of $54.1 million for the quarter, surpassing the consensus estimate of $44.15 million. Adjusted loss per share was $0.28, narrower than the $0.30 loss analysts had projected.
Coherus’ UDENYCA net product sales rose 28% year-over-year to $46.3 million in Q4, despite a temporary supply interruption. LOQTORZI, the company’s newly launched nasopharyngeal carcinoma treatment, generated $7.5 million in net sales, up 29% sequentially.
For the full year 2024, Coherus reported total revenue of $267 million, a 4% increase from 2023. The company swung to a net income of $28.5 million for the year, compared to a net loss of $237.9 million in 2023.
"2024 represents our transformation into an innovative oncology company, culminating in the agreement to divest UDENYCA," said Denny Lanfear, Coherus Chairman and CEO.
Coherus expects to close the previously announced divestiture of its UDENYCA franchise late in Q1 or early Q2 2025. Post-divestiture, the company projects having approximately $250 million in cash and a runway exceeding two years.
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